Teekay Offshore Partners L.P. (TOO) Shares Down 3.6%
Shares of Teekay Offshore Partners L.P. (NYSE:TOO) fell 3.6% during mid-day trading on Friday . The stock traded as low as $5.66 and last traded at $5.68, with a volume of 315,938 shares trading hands. The stock had previously closed at $5.89.
Several brokerages have issued reports on TOO. Zacks Investment Research upgraded Teekay Offshore Partners L.P. from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 22nd. Wells Fargo & Co. reiterated a “neutral” rating on shares of Teekay Offshore Partners L.P. in a research note on Thursday, July 7th. Morgan Stanley reiterated a “hold” rating on shares of Teekay Offshore Partners L.P. in a research note on Tuesday, May 31st. Royal Bank Of Canada upgraded Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $5.00 to $8.00 in a research note on Thursday. Finally, RBC Capital Markets upgraded Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and set a $8.00 price objective on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $7.32.
The firm has a 50-day moving average price of $5.50 and a 200 day moving average price of $5.26. The firm’s market cap is $788.85 million.
Teekay Offshore Partners L.P. (NYSE:TOO) last issued its earnings results on Thursday, August 4th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.24 by $0.02. The business earned $284.50 million during the quarter, compared to analyst estimates of $269.61 million. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. Equities research analysts predict that Teekay Offshore Partners L.P. will post $1.76 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, July 29th were paid a dividend of $0.11 per share. The ex-dividend date was Wednesday, July 27th. This represents a $0.44 annualized dividend and a yield of 7.67%.
Teekay Offshore Partners L.P. is a provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the offshore oil industry in North Sea, Brazil and the East Coast of Canada. The Company operates shuttle tankers; towage vessels; floating, production, storage and off-loading (FPSO) units; floating storage and off-take (FSO) units; units for maintenance and safety (UMS); long-distance towing and offshore installation vessels, and conventional crude oil tankers.
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